SILVER still weak

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SILVER - ANALYSIS

The weekly chart shows that Silver is staging "the last leg down" to the target around $15 (see also the 4-hour chart) .

Meanwhile, in the very short term, the XAGUSD (now at $19.452) should conclude the present minor downtrend in the area $18.988-18.937 before bouncing back up to $19.91/97 (see daily chart).

At that level the downtrend should resume.

TARGETS:

Bottoming soon around:  $18.98-18.93
Then up to: $19.91-19.97
After this top: resuming the downtrend to $15



ELLIOTT WAVES

The weekly chart reveals that the triangle ended at the top of "wave e4" and a new downtrend started from that top.

The 4-hour chart displays only 8 waves down (out of 9). Once wave 9 is completed (to $18.98-18.93 or so), the whole set of waves will be labelled "wave 1" (out of 5), the first wave of the new downtrend.




NOTE

Note the accumulation period of 13 months in the monthly chart and the accumulation period of 53 weeks in the weekly chart.






Monthly chart - click to enlarge

Weekly chart - click to enlarge

Daily chart - click to enlarge

Wave oscillator on a Daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge